Thursday, November 28, 2013

OK Tedi Mining Ltd denies ore stockpiling reports

OK Tedi Mining Ltd (OTML) management has denied reports that more than 30,000 wet metric tonnes (wmt) of concentrate are being stockpiled in its Kiunga facility.

The concern was raised in Parliament last week by Vice-Mining Minister Wera Mori.

OTML said in a statement that the current inventory in Kiunga was 11,645wmt, with a further 17,147wmt on the Kumul Arrow (storage vessel) anchored in Port Moresby harbour ready for exporting and 6,771 wmt on river vessels heading for Port Moresby to discharge to the Kumul Arrow.

This month, OTML exported 10,800 wmt and two shipments of 21,600wmt and 8,200 wmt will be exported over the next few days.

Shipments to OTML’s largest customer – Pasar in the Philippines – will be affected for the next three to four months due to the typhoon and a recent shipment of concentrate to Pasar, which could not be off-loaded would be diverted to another customer.